also the author of the new new deal, the hidden story of change in the obama era. ken rogoff, welcome. michael, i want to start with you. when i tell my viewers about investing, i say pick a goal. we should think about investing in infrastructure in the same way. what do you mean? >> i think that's right. as you mentioned the obama stimulus did pour about $150 billion into our infrastructure and its build america bonds was a hidden stimulus inside the stimulus put in another $180 billion. that's a start. that's how you start to create the sort of strong infrastructure that makes people want to make our economy more competitive and make people want to invest in us. you have to ask what the goal is. it's not just to build more roads or sewers, you want to get people places. as opposed to just building roads. sometimes that involves more infrastructure, more tell commuting. sometimes smarter infrastructure. >> the goal is a good standard of living and the idea that businesses will invest and create jobs? it makes companies want to hire people. people want to live in t